- MyCrypto held a survey of 200 participants to learn about consumers’ views of the crypto market.
- Mass adoption will require better security and usability.
Surveys are a frequent occurrence for the cryptocurrency industry, testing the satisfaction that people have with the market and examining trends. MyCrypto.com and Ambo decided to perform a survey, covering a small group of 200 people in the United States. In this survey, plenty of interesting information way found, ranging from how cryptocurrency is used to how it is managed.
Some of the statistics found stated:
- Over half of the consumers surveyed have used cryptocurrency in the purchase of services or goods.
- A similar percentage of participants manage their crypto assets with the use of mobile wallets
- 37% of participants manage their non-crypto assets with a mobile wallet as well
- 66% of participants store their assets in noncustodial wallets.
With this information in mind, it appears that the polled participants understand how necessary it is to hold assets in a decentralized manner. However, it may just suggest that users are simply understanding that it is better to trust their own judgment than platforms like Coinbase, when it comes to securing assets.
MyCrypto offers a noncustodial service for exactly this purpose and allows users to quickly create an Ethereum-based wallet on their own. Founder Taylor Monahan had previously been employed with MyEtherWallet, which has become one of the most frequently used and most accessible ways for users to create their wallet.
In a one-page report by MyCrypto, the platform explains that the survey’s results are a sign of a much bigger concern, regarding the usability of cryptocurrency. It explains that there are many barriers in the way for “new and casual users,” especially that there is no understanding amongst many casual users on how to use it.
Luckily, MyCrypto is also one of the many companies that exists in the industry for the purpose of helping the community to understand cryptocurrency with greater ease. Another company with this same motivation is the FIO Foundation, along with its protocol that works to improve the same and easy use of crypto.
There are some crypto proponents that see crypto’s purpose as being a store of value, which means that the usability of cryptocurrency falls behind the need for security. MyCrypto contends that both have equal importance, adding that 46% of the surveyed participants believe in crypto as a long-term investment instrument. The report explains that there is still “room to grow in the development of wallet security” that will protect users over time.
Surveys are arising around the world, as it seems to be the season for it. One survey suggests that most crypto exchange users are from the United States, while other shows heightened awareness of cryptocurrency with only 11% of Americans being personally involved.
Whenever the idea of improvements and interaction comes to the front of the crypto discussion, so does mass adoption. These enhancements that the market needs could easily be the key to mass adoption, but there is no way of really knowing their impact on the non-crypto consumers until they are implemented.
There is still the other side of the coin – that mass adoption is impossible until cryptocurrency becomes too big to be disposed of. More than likely, the existing systems in traditional finance will need to fail for the public to turn to another option. Hyperinflation has already caused this effect in Venezuela – could the United States be far off?